https://www.taxtmi.com/caselaws?id=175359 Sums paid as monopoly value for the grant or renewal of a justices' on-licence for a term were treated as capital expenditure because they were the price of acquiring the right to trade for the relevant period. Payment by instalments did not change the character of the outlay, and the fact that the licence was term-limited and potentially renewable did not make it a revenue expense. The expenditure was compared with a premium for a lease or capital improvements and was therefore not deductible in computing trading profits. en-us Thu, 23 Apr 1942 00:00:00 +0630 Thu, 19 Nov 2015 10:57:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175359 Sums paid as monopoly value for the grant or renewal of a justices' on-licence for a term were treated as capital expenditure because they were the price of acquiring the right to trade for the relevant period. Payment by instalments did not change the character of the outlay, and the fact that the licence was term-limited and potentially renewable did not make it a revenue expense. The expenditure was compared with a premium for a lease or capital improvements and was therefore not deductible in computing trading profits. Case-Laws Income Tax Thu, 23 Apr 1942 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=175359